Citicorp Savings To Buy 50 Dean Witter Offices

February 11, 1987

Dean Witter Financial Services Group Inc. said Tuesday it has signed a definitive agreement to sell 50 of its California offices to Citicorp Savings of California.

The sale was expected, and terms were not given. However, the 50 branches have about $2 billion in deposits from Sears Savings Bank. Dean Witter and Sears Savings are units of Chicago-based Sears, Roebuck & Co. Citicorp Savings is a unit of New York-based Citicorp.

The sale, pending regulatory approval, will include all owned real estate, equipment and other operation assets.

As part of Citicorp Savings, the 50 branches will continue to operate as savings and loans, with current staff retained, Sears Savings said.

The branches being sold are free-standing. After the sale, Sears Savings will have 40 offices left in California, all located in Sears Financial Network centers.

Sears Savings said selling the stand-alone branches is part of its strategy to provide banking services through nontraditional distribution channels, such as direct mail, its new Discover credit card and the Sears Financial Network centers.